Common questions relating to Bexhill On Sea leasehold conveyancing
I have just started marketing my 2 bed apartment in Bexhill On Sea.Conveyancing solicitors are to be appointed soon but I have just had a half-yearly maintenance charge demand – should I leave it to the buyer to sort out?
The sensible thing to do is discharge the invoice as normal because all ground rent and service charges will be apportioned on completion, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I today plan to offer on a house that seems to be perfect, at a great price which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Bexhill On Sea. Conveyancing advisers have are about to be instructed. Will they explain the issues?
The majority of houses in Bexhill On Sea are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area can help the conveyancing process. We note that you are buying in Bexhill On Sea so you should seriously consider looking for a Bexhill On Sea conveyancing solicitor and check that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your conveyancer should report to you on the legal implications.
I've recently bought a leasehold flat in Bexhill On Sea. Am I liable to pay service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am a negotiator for a reputable estate agency in Bexhill On Sea where we have experienced a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have received contradictory information from local Bexhill On Sea conveyancing firms. Could you shed some light as to whether the seller of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
All being well we will complete the sale of our £275000 maisonette in Bexhill On Sea next week. The management company has quoted £348 for Landlord’s certificate, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Bexhill On Sea?
Bexhill On Sea conveyancing on leasehold flats typically involves administration charges raised by management companies :
- Addressing pre-exchange enquiries
- Where consent is required before sale in Bexhill On Sea
- Copies of the building insurance and schedule
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I am the registered owner of a studio flat in Bexhill On Sea, conveyancing having been completed 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Bexhill On Sea with over 90 years remaining are worth £243,000. The average or mid-range amount of ground rent is £50 per annum. The lease ends on 21st October 2081
You have 57 years left to run we estimate the price of your lease extension to span between £30,400 and £35,200 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.
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